The State Bank of Pakistan (SBP) has launched its “Go Cashless” campaign in Karachi to boost digital payment adoption and move the country closer to a cashless economy.
The initiative was inaugurated by SBP Deputy Governor Saleem Ullah at a mall in the Clifton area. It forms part of the central bank’s broader push to enhance financial inclusion and increase documentation of the economy through digital transactions.
“This ‘Go Cashless’ campaign is more than a one-time event,” Saleem Ullah said in a statement. “It reflects our larger vision to accelerate Pakistan’s shift to a digital economy.”
Organized in partnership with 12 major financial institutions, the campaign focuses on educating both vendors and consumers about the benefits of digital payments. It also underscores the SBP’s commitment to a cash-lite economy, where digital transactions become the norm—from street vendors to large retailers.
Pakistan has seen a sharp rise in digital payments in recent years. According to the SBP, its instant payment system, Raast, has processed over 892 million transactions worth Rs20 trillion ($72 billion) since its 2021 launch. In just the second quarter of FY2025, Raast handled 795.7 million transactions totaling Rs6.4 trillion ($23.04 billion).
Mobile and internet banking usage has surged as well, with a 62% increase in transactions. In FY2024, digital transactions grew by 35%, rising from 4.7 billion to 6.4 billion in volume, and reaching Rs547 trillion ($1.97 trillion) in value.
The SBP’s push for digital payments aligns with national economic reforms aimed at strengthening financial systems, improving transparency, and integrating more people and businesses into the formal economy.